Most Republicans Support Cannabis Banking and U.S. Capital Markets Access
DISTRICT OF COLUMBIA: Support for legal cannabis, including companies having access to banking services and U.S. capital markets, reached a new high among Republican voters, according to a new national poll released today. Most Republicans agree that the federal government shouldn’t interfere in state legalization and regulation. To view a summary of the poll’s findings and methodology, click here.
The poll, conducted by top Republican and Trump pollster Fabrizio, Lee & Associates, on behalf of the National Cannabis Roundtable (NCR), found that 73% of Republicans agree that legal cannabis businesses should be entitled to the same rights as other legal businesses. Over three quarters of GOP voters (76%) agree that if states legalize cannabis, the federal government should not fight the state, but step aside and remove any obstacles. States, instead of the federal government, should be responsible for cannabis legalization, 58% of respondents say.
“There’s been a massive shift in opinion, and its evidently clear that Republicans have extremely positive attitudes towards legal cannabis,” said former Sen. Cory Gardner (R-CO), an NCR advisory board member. “We’ll likely see support for legal cannabis continue to increase this November when Republicans in at least a half dozen states and counties vote on legalization and other issues. Which is why it’s time for Congress to enact commonsense cannabis reform this year, starting with key pieces of legislation like SAFE Banking and CLIMB.”
Access to banking services and U.S. stock exchanges would be achieved through the bipartisan Secure and Fair Enforcement (SAFE) Banking Act and Capital Lending and Investment for Marijuana Businesses (CLIMB) Act. SAFE Banking, introduced by Rep. Ed Perlmutter (D-CO), has passed the U.S. House six times, most recently in Feb. 2022. Reps. Troy Carter (D-La.) and Guy Reschenthaler (R-Pa) introduced the CLIMB Act in June 2022.
Respondents also shared their perspectives on other cannabis reforms, such as decriminalization. Over two-thirds of respondents (69%) favor sentence reviews for people convicted of non-violent cannabis crimes in states where cannabis is now legal for adult use. By a solid 56%, a majority of GOP voters favor expunging cannabis convictions from a person’s record if adult use cannabis is now legal in their state. The poll found that nearly three-quarters of GOP voters (73%) favor legalizing cannabis for medical purposes. Nearly half of GOP voters (47%) have used cannabis recreationally, for medicinal purposes or both.
“These findings support what I’ve been saying for years: cannabis is no longer the partisan issue it once was,” said Congressman Dave Joyce (R-OH), Co-Chair of the Congressional Cannabis Caucus. “Congress needs to act in a bipartisan manner and enact the change that Americans, both Republicans and Democrats alike, are calling for. It’s past time for the federal government to respect the will of the states that have legalized cannabis in some form and allow them to make their own decisions in the best interest of their constituents without interference from Washington.”